The government today further reduced the minimum export price (MEP) of edible oil in branded consumer packs of up to five kg to USD 900 per tonne, a move which would help in boosting outward shipments of the commodity. Earlier, the MEP was USD 1,100 per tonne.
“MEP on export of edible oils in branded consumer packs of up to 5 kg has been reduced to USD 900 per tonne,” Directorate General of Foreign Trade (DGFT) said in a notification.
The country which meets 50 per cent of edible oil demand through imports, exports small quantities of groundnut, sunflower and rapeseed oils to cater to expatriate demand.
To ensure domestic supply and contain price rise, India banned export of unbranded edible oils in 2008 and extended it year after the year. The country imports about 9 million tonnes of edible oils annually.
On October 9, 2013, the MEP was reduced to USD 1,400 per tonne. Earlier in 2013, the government had fixed an MEP of USD 1,500 per tonne to ensure that the low priced edible oils are not allowed to be exported.
Source:thehindubusinessline.com
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